Myriad Genetics (NASDAQ:MYGN) Reaches New 52-Week High at $29.30

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.30 and last traded at $28.55, with a volume of 172470 shares changing hands. The stock had previously closed at $28.60.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MYGN shares. TD Cowen boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Scotiabank raised their target price on Myriad Genetics from $29.00 to $34.00 and gave the company a "sector outperform" rating in a research note on Tuesday, August 13th. Jefferies Financial Group reaffirmed an "underperform" rating and issued a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. JPMorgan Chase & Co. increased their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an "underweight" rating in a report on Wednesday, August 7th. Finally, Piper Sandler upped their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Myriad Genetics has a consensus rating of "Hold" and a consensus price target of $28.60.

Myriad Genetics Stock Performance

The company has a 50-day simple moving average of $27.35 and a two-hundred day simple moving average of $24.01. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. The firm has a market cap of $2.58 billion, a PE ratio of -10.19 and a beta of 1.92.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million during the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.21) EPS. As a group, equities research analysts forecast that Myriad Genetics, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Myriad Genetics

In related news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company's stock, valued at $3,290,578.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Myriad Genetics news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company's stock, valued at approximately $1,188,797.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Heinrich Dreismann sold 10,000 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MYGN. Hexagon Capital Partners LLC boosted its holdings in Myriad Genetics by 75.3% in the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company's stock worth $28,000 after acquiring an additional 491 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth $36,000. Point72 DIFC Ltd purchased a new position in shares of Myriad Genetics during the 2nd quarter valued at about $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Myriad Genetics during the second quarter valued at approximately $82,000. Finally, Neo Ivy Capital Management bought a new position in Myriad Genetics in the 2nd quarter worth $85,000. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.